- 22$ billion added to the cryptocurrency market cap as bulls cement their positions and strengthen their grip.
- Bitcoin price spikes from the support at $6,400 to step above $6,800 but $7,000 remains untested.
- Dash and Monero bulls flex their muscles to lead cryptos into recovery with 15% and 12% gains respectively.
Digital assets in the cryptocurrency market are maintaining a bullish momentum and trend for the second day in a row. Although there were setbacks over the weekend as prices retreated from Friday’s highs, this week’s potential and recovery optimism remain high.
According to the data provided by CoinMarketCap, the recovery across the board has seen the total market cap grow by $22 billion from $163 billion recorded on Monday to $185 billion at the time of writing. The trading volume has also grown significantly from $131 billion to $162 in the same period. Bitcoin’s dominance has also grown by 0.7% from 65% as reported on Monday to 65.7%.
While Bitcoin is in the green with gains more than 3%, it is not the best performing cryptocurrency. Monero(XMR) is leading the recovery in the market with over 15% in gains followed closely by Dash (DASH) with gains more than 12%. Ethereum Classic (ETC) and Ripple (XRP) are not very far behind due to their 7.7% and 7.39% respective growth on the day.
BTC/USD is trading at $6,744 after touching $6,861 (intraday high). Bulls are largely in control but the sellers are keen to ensure that Bitcoin does not break above $7,000. If the critical resistance at $7,000 is overcome, I expect a technical breakout with gains eyeing $8,000.
DASH/USD is trading at $70.27 after adjusting lower from an intraday high of $71.57. The prevailing trend is strongly bullish. At the same time, the bullish momentum is supported by the expanding volatility and volume. In other words, Dash price is likely to soar especially if the rest of the market is moving higher.
XMR/USD remains at the helm of the crypto market recovery on Tuesday. It is trading at $44.10 after correcting from $44.4 (intraday high). The bulls are in the driver seat owing to the strong bullish momentum and a sustained uptrend. Stability is expected in the coming sessions but bulls will most certainly push for more action above $50.
Chart of the day: BTC/USD daily chart
-637206397102055434.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?